Contact Exploration Closes Private Placement

Contact Exploration Inc. (TSXV: CEX.V) closed a nonbrokered private placement of common shares that brought in CA$10 million in proceeds, the company said June 6.About 10.3 million common shares were priced at 39 cents each, and about 13.7 million flow-through shares were priced at about 44 cents each, the company said. The flow-through shares’ hold period expires on Oct. 6, the company added.Proceeds will fund the company’s exploration and development program, Contact said.Calgary, Alberta-based Contact Exploration Inc. operates in New Brunswick and Alberta.